By Zinnia B. Dela Peña (The Philippine Star) Updated June 12, 2010 12:00 AM Comments (0)  |
MANILA, Philippines - The Philippine Stock Exchange has approved the listing application of Semirara Mining Corp. for its planned stock rights offering amounting to around P4.15 billion.
Semirara, which is 56 percent owned by Consunji holding firm DMCI Holdings Inc., is offering a total of 59.375 million shares to stockholders at a ratio of one new common share for every five common shares held as of July 1. The shares will be sold at P74 each, a price which which was arrived at using the volume weighted average price of the company’s common shares covering the 15-trading day.
Net proceeds from the offering, which will run from July 5 to 9, will be used to partially finance theacquisition of the 600-megawatt (MW) Calaca coal-fired power plant in Batangas, through its wholly-owned subsidiary, SEM-Calaca Power Corp. Around P2.7 billion will be needed by the company for this.
The Calaca facility consists of two 300-MW generating units designed to run as a base load plant and designed to use local coal from Semirara.
Semirara’s total investments for the Calaca facility are estimated to reach $483.6 million, which include the acquisition cost of $361.7 million. The remaining $121.89 million had been allocated for the rehabilitation and working capital requirements of the power plant.
The company is also setting aside P1.63 billion out of the expected proceeds for payment of various bank loans. Around P890 million will be used for the purchase of mining equipment, tugboats and barges.
In December last year, Semirara paid the state-owned Power Sector Assets and Liabilities Management Corp. (PSALM) $150.8 million as downpayment for the coal facility.
BDO Capital & Investment Corp. has been tapped as the lead underwriter for the offering.
Semirara, which is 56 percent owned by Consunji holding firm DMCI Holdings Inc., is offering a total of 59.375 million shares to stockholders at a ratio of one new common share for every five common shares held as of July 1. The shares will be sold at P74 each, a price which which was arrived at using the volume weighted average price of the company’s common shares covering the 15-trading day.
Net proceeds from the offering, which will run from July 5 to 9, will be used to partially finance theacquisition of the 600-megawatt (MW) Calaca coal-fired power plant in Batangas, through its wholly-owned subsidiary, SEM-Calaca Power Corp. Around P2.7 billion will be needed by the company for this.
The Calaca facility consists of two 300-MW generating units designed to run as a base load plant and designed to use local coal from Semirara.
Semirara’s total investments for the Calaca facility are estimated to reach $483.6 million, which include the acquisition cost of $361.7 million. The remaining $121.89 million had been allocated for the rehabilitation and working capital requirements of the power plant.
The company is also setting aside P1.63 billion out of the expected proceeds for payment of various bank loans. Around P890 million will be used for the purchase of mining equipment, tugboats and barges.
In December last year, Semirara paid the state-owned Power Sector Assets and Liabilities Management Corp. (PSALM) $150.8 million as downpayment for the coal facility.
BDO Capital & Investment Corp. has been tapped as the lead underwriter for the offering.
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